Intercontinental Hotels (IHG.L)
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- Maurice Riley
- 6 years ago
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1 Europe/United Kingdom Equity Research Travel & Leisure Rating OUTPERFORM Price (05 Aug 16, p) Target price (p) Market Cap ( m) 6,269.2 Enterprise value ( m) 7,300.1 *Stock ratings are relative to the coverage universe in each analyst's or each team's respective sector. ¹Target price is for 12 months. Research Analysts Share price performance 3, , ,5 0 0 IHG.L Tim Ramskill, CFA tim.ramskill@credit-suisse.com Julia Pennington julia.pennington@credit-suisse.com Ja n Ju l Ja n Ju l FTSE ALL SHARE IND EX The price relative chart measures performance against the FTSE ALL SHARE INDEX which closed at on 05/08/16 On 05/08/16 the spot exchange rate was.85/eu 1.- Eu.9/US$1 Performance 1M 3M 12M Absolute (%) Relative (%) Intercontinental Hotels (IHG.L) COMPANY UPDATE Bid stories re-emerge Potential Chinese bid target: Yesterday's Sunday Times lead article suggested IHG could be a 7bn bid target for Anbang Insurance Group, which earlier this year emerged as a late and credible but ultimately unsuccessful bidder for Starwood (Not covered). News wires now note Anbang has denied any interest but nonetheless we consider the key dynamics and sustain our Outperform rating with 10% potential TP upside. Key thoughts on a deal: 1) Scarcity value - as discussed in European M&A When East meets West - we believe IHG is an attractive asset - high returns (2015 ROIC 30%), simple business model (97% of 2016E EBIT from managed/franchised hotels), strong cash generation (89% of E net income to FCF) and a straightforward ownership structure (100% free float). 2) Anbang bid $14bn for Starwood in a full financed deal. 3) Bears believe IHG was unlikely to see interest from Chinese bidders due to a lack of real estate, whilst we believe the lack of sell-side Buy recommendations (just 12% according to Bloomberg) reflects a perceived lack of catalysts (US cycle well progressed; major real estate disposals completed). 4) Following Starwood and Marriott's planned merger, we believe further consolidation is likely in a fragmented industry with very few truly global and scale players. The potential Accor interest from Jin Jiang (owns 12%) and now Anbang in IHG would not likely generate material synergies but an appetite for global diversification and a low cost of capital help underpin Chinese interest. Thoughts on valuation: Our 3500p TP (10% potential upside) is the average of a SOTP and DCF (latter 3975p 32% upside potential). The 7bn mentioned in the article is 12% above current levels but we note IHG has traded c25x PE on previous occasions when bid speculation has been high (incl 2007 when Blackstone bought Hilton) - which if applied to our 2017E EPS would yield a value of 4360p, implying 37% potential upside. Financial and valuation metrics Year 12/15A 12/16E 12/17E 12/18E Revenue (US$ m) 1, , , ,918.2 EBITDA (US$ m) Pre-tax profit adjusted (US$ m) CS EPS (adj.) (US$) Prev. EPS (US$) ROIC (%) P/E (adj.) (x) P/E rel. (%) EV/EBITDA (x) Dividend (12/16E, US$) 0.97 Net debt/equity (12/16E,%) Dividend yield (12/16E,%) 2.3 Net debt (12/16E, US$ m) 1,949.4 BV/share (12/16E, US$) -4.6 IC (12/16E, US$ m) 1,002.0 Free float (%) EV/IC (12/16E, (x) 10.1 Source: Company data, Thomson Reuters, Credit Suisse estimates DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
2 Intercontinental Hotels (IHG.L) Price (05 Aug 2016): p; Rating: OUTPERFORM; Target Price: p; Analyst: Tim Ramskill Income statement (US$ m) 12/15A 12/16E 12/17E 12/18E Revenue 1,803 1,733 1,816 1,918 EBITDA Depr. & amort. (96) (95) (100) (106) EBIT Net interest exp. (87) (82) (93) (87) Associates PBT Income taxes (188) (189) (203) (221) Profit after tax Minorities (2) (2) (2) (2) Preferred dividends Associates & other Net profit Other NPAT adjustments Reported net income 1, Cash flow (US$ m) 12/15A 12/16E 12/17E 12/18E EBIT Net interest (73) (82) (93) (87) Cash taxes paid (109) (152) (163) (179) Change in working capital 53 (37) Other cash and non-cash items Cash flow from operations CAPEX (264) (239) (244) (115) Free cashflow to the firm Acquisitions (438) Divestments 1, Other investment/(outflows) Cash flow from investments 589 (239) (244) (115) Net share issue/(repurchase) 0 (1,500) 0 0 Dividends paid (188) (187) (197) (225) Issuance (retirement) of debt Cashflow from financing (188) (1,687) (197) (225) Changes in net cash/debt 1,004 (1,420) Net debt at start 1, ,949 1,766 Change in net debt (1,004) 1,420 (183) (355) Net debt at end 529 1,949 1,766 1,411 Balance sheet (US$ m) 12/15A 12/16E 12/17E 12/18E Assets Total current assets 1,606 1,588 1,793 2,174 Total assets 3,769 3,895 4,243 4,634 Liabilities Total current liabilities 1,369 1,373 1,451 1,541 Total liabilities 3,450 4,842 4,937 5,060 Total equity and liabilities 3,769 3,895 4,243 4,634 Per share 12/15A 12/16E 12/17E 12/18E No. of shares (wtd avg.) (mn) CS EPS (adj.) (US$) Prev. EPS (US$) Dividend (US$) Free cash flow per share (US$) Key ratios and valuation 12/15A 12/16E 12/17E 12/18E Growth/Margin (%) Sales growth (%) (3.0) (3.9) EBIT growth (%) Net income growth (%) EPS growth (%) EBITDA margin (%) EBIT margin (%) Pretax profit margin (%) Net income margin (%) Valuation 12/15A 12/16E 12/17E 12/18E EV/Sales (x) EV/EBITDA (x) EV/EBIT (x) Dividend yield (%) P/E (x) Credit ratios (%) 12/15A 12/16E 12/17E 12/18E Net debt/equity (%) (205.8) (254.7) (331.7) Net debt to EBITDA (x) Interest coverage ratio (x) Source: FTI, Company data, Thomson Reuters, Credit Suisse Securities (EUROPE) LTD. Estimates Company Background InterContinental Hotels Group PLC is an international hotel business, which owns a portfolio of established & diverse hotel brands. It had 4,437 franchised,owned & leased hotels & 647,161 guest rooms in 100 countries & territories around the world. Blue/Grey Sky Scenario Our Blue Sky Scenario (p) We believe flexing our RevPAR assumptions to be the most meaningful way for investors to consider the upside and downside risk to forecasts and valuation. In our Blue Sky Scenario we assume 4% RevPAR growth in 2016E and 6% in 2017E. We then apply the mid-point of through cycle and peak multiples to the derived 2017E EPS. Our Grey Sky Scenario (p) We believe flexing our RevPAR assumptions to be the most meaningful way for investors to consider the upside and downside risk to forecasts and valuation. In our Grey Sky Scenario we assume -2% RevPAR growth in 2016E and -2% in 2017E. We then apply the mid-point of through cycle and trough multiples to the derived 2017E EPS. 3,500 3,250 3,000 2,750 2,500 2,250 Share price performance Jan- 15 Jul- 15 Jan- 16 Jul- 16 IHG.L FTSE ALL SHARE INDEX The price relative chart measures performance against the FTSE ALL SHARE INDEX which closed at on 05/08/16 On 05/08/16 the spot exchange rate was.85/eu 1.- Eu.9/US$1 Intercontinental Hotels (IHG.L) 2
3 Companies Mentioned (Price as of 05-Aug-2016) Accor (ACCP.PA, 35.72) Hilton Worldwide Holdings (HLT.N, $23.45) Intercontinental Hotels (IHG.L, p, OUTPERFORM, TP p) Marriott International (MAR.OQ, $72.71) Starwood Hotels & Resorts Worldwide (HOT.N, $78.91) Disclosure Appendix Important Global Disclosures I, Tim Ramskill, CFA, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and securities and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report. 3-Year Price and Rating History for Accor (ACCP.PA) ACCP.PA Closing Price Target Price Date ( ) ( ) Rating 21-Aug U 09-Jan Apr Aug N 09-Oct Oct Jan O 23-Feb N 23-Jun U 31-Jul Aug N 09-Dec Jan Feb Apr Jun U 28-Jul * Asterisk signifies initiation or assumption of coverage U N D ER PER FO R M N EU T R A L O U T PER FO R M Target Price Closing Price ACCP.PA 1- Jan Jan Jan Year Price and Rating History for Intercontinental Hotels (IHG.L) IHG.L Closing Price Target Price Date (p) (p) Rating 21-Aug N 22-Aug Jan Feb U 07-May Jun Aug Oct Jan Jun N 10-Jul Aug O 11-Jan Feb Jun Jun Aug ,000 3,500 3,000 2,500 2,000 N EU T R A L U N D ER PER FO R M O U T PER FO R M Target Price Closing Price IHG.L 1- Jan Jan Jan- 16 * Asterisk signifies initiation or assumption of coverage. The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activities Intercontinental Hotels (IHG.L) 3
4 As of December 10, 2012 Analysts stock rating are defined as follows: Outperform (O) : The stock s total return is expected to outperform the relevant benchmark* over the next 12 months. Neutral (N) : The stock s total return is expected to be in line with the relevant benchmark* over the next 12 months. Underperform (U) : The stock s total return is expected to underperform the relevant benchmark* over the next 12 months. *Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ratings are based on a stock s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin American and non-japan Asia stocks, ratings are based on a stock s total return relative to the average total return of the relevant country or regional benchmark; prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stock s absolute total return potential to its current share price and (2) the relative attractiveness of a stock s total return potential within an analyst s coverage universe. For Australian and New Zealand stocks, the expected total return (ETR) calculation includes 12-month rolling dividend yield. 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Target Price and Rating Valuation Methodology and Risks: (12 months) for Intercontinental Hotels (IHG.L) Method: We set our TP of 3500p as the average of a DCF (8.4% WACC, E revenue growth of 4.5%, 2% terminal growth) and a SoTP (owned/leased hotels at 10x EBITDA - in line with Accor plus managed/franchised hotels in line with US peers). We see IHG as nonconsensual vs Accor/Whitbread and it offers good long term growth potential supplemented by medium term cash returns. Our forecasts include the accretion from the $1.5bn special dividend in FY16 which underpins a E EPS CAGR of 13%. Additionally we see IHG as a beneficiary of sterling weakness with just 4% of 2015 revenue generated in the UK. We retain an Outperform rating. Risk: We see the following as the key risks to our 3500p TP and Outperform rating: 1- Cyclicality and operational gearing: every 1% change in RevPAR (revenue per available room) affects EBIT by $11m (source IHG) and we estimate EPS by 2-3%. 2- Medium-term growth in the number of rooms in the system exceeding our expectations, which could lead to an increase in revenue expectations. 3- Sector-wide risks: geopolitical conflicts, terrorist attacks and epidemics are examples of external shocks that can affect the travel sector. Intercontinental Hotels (IHG.L) 4
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Joy City ------------------------------------------------------------------------- Maintain OUTPERFORM A possible special dividend to unlock the huge hidden value EPS: TP: Alvin Wong / Research Analyst
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Agile Property ----------------------------------------------------------------------- Maintain NEUTRAL Notes from the CIC: Investors like margin recovery but do not like gearing deterioration EPS: TP:
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Spring REIT --------------------------------------------------------------------------- Maintain NEUTRAL 1H16 started seeing falling yield DPS: TP: Kelvin Tam, CFA / Research Analyst / 852 2101 6582 /
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Asia Pacific/South Korea Equity Research Semiconductor Devices Rating OUTPERFORM Price (28 Nov 16, W) 1,677,000 Target price (W) 1,790,000 Upside/downside (%) 6.7 Mkt cap (W/US$ bn) 235,919 / 201.87 Enterprise
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Americas/Mexico Equity Research Soft Drinks Rating NEUTRAL Price (18-Oct-16,MXN) 119.50 Target price (MXN) 125.00 52-week price range 133.89-98.78 Market cap (MXN m) 200,321.71 Enterprise value (MXN m)
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Asia Pacific Equity Research Investment Strategy Research Analysts Sakthi Siva 65 6212 3027 sakthi.siva@credit-suisse.com Kin Nang Chik 852 2101 7482 kinnang.chik@credit-suisse.com Asia Pacific Equity
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Asia Pacific/Japan Equity Research Consumer Electronics (Electrical Equipment (Japan)) / MARKET WEIGHT Rating OUTPERFORM Price (04 Feb 15, ) 2,769 Target price ( ) 3,300¹ Chg to TP (%) 19.2 Market cap.
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Asia Pacific/India Equity Research Computer Services & IT Consulting Tech Mahindra Limited (TEML.BO / TECHM Rating OUTPERFORM Price (06-Mar-17, Rs) 499.25 Target price (Rs) 550.00 Upside/downside (%) 10.2
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Rating NEUTRAL Price (02-Mar-17, Rs) 676.05 Target price (Rs) 620.00 Upside/downside (%) -8.3 Mkt cap (Rs/US$ mn) 1,622,041 / 24,297 Enterprise value (Rs mn) 1,496,683 Number of shares (mn) 2,399 Free
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Americas/Canada Equity Research Oil & Gas Exploration & Production Canadian Natural Resources Rating OUTPERFORM* Price (18 Mar 13, C$) 33.31 Target price (C$) 45.00¹ 52-week price range 35.50-25.84 Market
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Americas/United States Equity Research Packaged Foods Rating OUTPERFORM Price (16-Feb-17, US$) 87.28 Target price (US$) 95.00 52-week price range (US$) 91.10-72.82 Market cap (US$ m) 106,243.34 Target
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Europe/Germany Equity Research Luxury Goods Rating NEUTRAL Price (07 Mar 17, ) 160.00 Target price ( ) 136.00 Market Cap ( m) 33,474.6 Enterprise value ( m) 33,969.7 Target price is for 12 months. Research
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Americas/United States Equity Research Air Freight & Couriers Rating OUTPERFORM Price (21-Mar-17, US$) 191.84 Target price (US$) (from 209.00) 219.00 52-week price range (US$) 201.02-146.13 Market cap
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Americas/United States Equity Research Fertilizers Rating NEUTRAL Price (10-Feb-17, US$) 105.70 Target price (US$) 100.00 52-week price range (US$) 110.27-82.00 Market cap (US$ m) 14,605.20 Target price
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Asia Pacific/India Equity Research Auto Parts & Equipment Rating OUTPERFORM [V] Price (06-Mar-17, Rs) 470.70 Target price (Rs) 630.00 Upside/downside (%) 33.8 Mkt cap (Rs/US$ mn) 1,359,075 / 20,395 Enterprise
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Asia Pacific/Japan Equity Research Diversified Metals & Mining (Titanium (Japan)) / OVERWEIGHT Rating OUTPERFORM* Price (08 Dec 14, ) 779 Target price ( ) (from 900) 930¹ Chg to TP (%) 19.4 Market cap.
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Americas/United States Equity Research Travel & Leisure Rating OUTPERFORM Price (27-Mar-17, US$) 58.87 Target price (US$) (from 67.00) 69.00 52-week price range (US$) 59.80-43.18 Market cap (US$ m) 42,274.43
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13 September 2016 13 September 2016 Americas/United States Equity Research IT Hardware Rating OUTPERFORM Price (12-Sep-16,US$) 105.44 Target price (US$) 150.00 52-week price range 122.57-90.34 Market cap
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China Property Sector ------------------------------------------------- Maintain MARKET WEIGHT Inventory showing improvement Alvin Wong / Research Analyst / 852 2101 6486 / alvin.wong@credit-suisse.com
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Americas/Mexico Equity Research General Merchandise Stores Rating NEUTRAL Price (06-Mar-17, MXN) 39.69 Target price (MXN) 39.00 52-week price range (MXN) 45.89-34.89 Market cap (MXN m) 693,043.07 Enterprise
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More information27 August 2016 Asian Daily
27 August 2016 China Resources Land ---------------------------------------------------- Maintain OUTPERFORM Solid dual-business model; Shenzhen Bay injection is a plus EPS: TP: Alvin Wong / Research Analyst
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Reliance Industries Limited 2 March 2017 Asia Pacific/India Equity Research Integrated Oil & Gas Rating NEUTRAL Price (02-Mar-17, Rs) 1,233 Target price (Rs) 1,020 Upside/downside (%) -17.3 Mkt cap (Rs/US$
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Evergrande ---------------------------------------------------------------- Maintain UNDERPERFORM Asset re-organisation; from HK to Shenzhen EPS: TP: Alvin Wong / Research Analyst / 852 2101 6486 / alvin.wong@credit-suisse.com
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Coolpad Group Limited ------------------------------------------------ Maintain UNDERPERFORM Letv to become largest shareholder; limited help to near-term headwinds EPS: TP: Kyna Wong / Research Analyst
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Americas/United States Equity Research Homebuilding Rating OUTPERFORM* [V] Price (14 Feb 14, US$) 28.95 Target price (US$) 28.00¹ 52-week price range 28.95-18.94 Market cap. (US$ m) 910.21 Enterprise value
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Americas/Canada Equity Research Multinational Banks Rating OUTPERFORM Price (23 Feb 16, C$) 69.63 * Target price (C$) 90.00¹ 52-week price range 81.27-65.00 Market cap. (C$ m) 103,509.02 Enterprise value
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Hangzhou Hikvision Digital Technology Co., Ltd. ---------------- Maintain OUTPERFORM Revise down estimates on macro but thesis unchanged EPS: TP: Sam Li / Research Analyst / 852 2101 6775 / sam.li@credit-suisse.com
More information100,000 80,000 60,000 40,000 20,000
Sinopec Engineering (Group) Co Ltd ----------------------------- Maintain UNDERPERFORM 2015 results in line, remain cautious on outlook EPS: TP: Kelly Chen / Research Analyst / 852 2101 7079 / kelly.chen@credit-suisse.com
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Asia Pacific/Australia Equity Research Property & Casualty Insurance (Insurance (AU)) Rating NEUTRAL* Price (07 Apr 15, A$) 13.67 Target price (A$) 13.40¹ Market cap. (A$mn) 18,658.80 Yr avg. mthly trading
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Europe/Republic of Ireland Equity Research Airlines (Airlines (Europe)) Rating OUTPERFORM* Price (03 Feb 14, Eu) 6.73 Target price (Eu) (from 6.90) 8.05¹ Market cap. (Eu m) 9,314.26 Enterprise value (Eu
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Americas/Mexico Equity Research Cement Rating NEUTRAL Price (23-Feb-17, peso) 11,860.00 Target price (peso) 10600.00 52-week price range (peso)12040.00-10300.00 Market cap (peso m) 15,922,354.33 Enterprise
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Americas/United States Equity Research Restaurants Rating NEUTRAL Price (07-Mar-17, US$) 56.20 Target price (US$) 55.00 52-week price range (US$) 61.17-51.77 Market cap (US$ m) 81,900.64 Target price is
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Europe/United Kingdom Equity Research Business & Professional Services Berendsen (BRSN.L) SMALL & MID CAP RESEARCH Downgrade to Neutral on full valuation Downgrade to Neutral post results: We make slight
More information29 September 2015 Asian Daily
Gamuda ------------------------------------------------------------------------- Maintain OUTPERFORM FY15 results in line; expect positive order flow momentum to drive re-rating EPS: TP: Danny Goh / Research
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Asia Pacific/Japan Equity Research Semiconductor Equipment (Semiconductor Devices (Japan)) / MARKET WEIGHT Rating OUTPERFORM Price (08 Jul 14, ) 7,200 Target price ( ) 6,150¹ Chg to TP (%) -14.6 Market
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Europe/Spain Equity Research Multi Utilities Rating UNDERPERFORM* Price (16 Feb 15, Eu) 21.02 Target price (Eu) 18.00¹ Market cap. (Eu m) 21,039.49 Enterprise value (Eu m) 40,418.0 *Stock ratings are relative
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China Medical System Holdings Ltd. ----------------------------------- Maintain OUTPERFORM Acquiring commercialisation rights of two original drugs from AstraZeneca EPS: TP: Iris Wang / Research Analyst
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Asia Pacific/Japan Equity Research Technology (Electric Components (Japan)) / MARKET WEIGHT Rating OUTPERFORM* Price (05 Dec 12, ) 4,600 Target price ( ) (from 4,300) 5,500¹ Chg to TP (%) 19.6 Market cap.
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Americas/United States Equity Research Electrical Equipment Rating OUTPERFORM* Price (26 Jun 15, US$) 33.97 Target price (US$) 46.00¹ 52-week price range 42.61-30.51 Market cap. (US$ m) 5,818.96 Enterprise
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Megaworld Corp ----------------------------------------------------------------------Maintain NEUTRAL Residential business is showing cracks EPS: TP: Danielo Picache / Research Analyst / 632 858 7758 /
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Europe/United Kingdom Equity Research Property & Casualty Insurance Rating NEUTRAL Price (06 Mar 17, p) 348.40 Target price (p) 370.00 Market Cap ( m) 4,790.5 Enterprise value ( m) 4,790.5 Target price
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Asia Pacific/Hong Kong Equity Research Real Estate Management & Development Research Analysts Alvin Wong 852 2101 6486 alvin.wong@credit-suisse.com Kelvin Tam, CFA 852 2101 6582 kelvin.tam@credit-suisse.com
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Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Rp bn 22 September 2016 Indonesia Property Sector -------------------------------------------------
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Rating RESTRICTED Price (08-Mar-17, R$) 64.35 Target price (R$) 52-week price range (R$) 67.30-48.86 Market cap (R$ m) 12,789.97 Enterprise value (R$ m) 14,492.61 Target price is for 12 months. Research
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Americas/United States Equity Research Accounting & Tax Research Analysts David Zion, CFA, CPA 212 538 4837 david.zion@credit-suisse.com Amit Varshney, CFA, FRM 212 538 8049 amit.varshney@credit-suisse.com
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PT Bank Pembangunan Daerah Jawa Barat dan Banten T ----------- Maintain NEUTRAL 4Q16 results: First quarterly loss in at least a decade; expect consensus to be revised down EPS: TP: Sanjay Jain / Research
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Europe/United Kingdom Equity Research Diversified Financial Services Rating UNDERPERFORM Price (08 Mar 17, p) 1829.00 Target price (p) (from 1700.00) 1650.00 Market Cap ( m) 5,200.8 Enterprise value (
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Asia Pacific/Japan Equity Research Electronic Components & Connectors (Electric Components (Japan)) Rating UNDERPERFORM Price (14 Mar 17, ) 456 Target price ( ) (from 270) 260 Change to TP (%) -43 Market
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Americas/United States Equity Research Specialty Hardlines Rating OUTPERFORM* Price (24 Sep 12, US$) 12.35 Target price (US$) 15.00¹ 52-week price range 16.84-10.66 Market cap. (US$ m) 8,427.33 Enterprise
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Asia Pacific/Japan Equity Research Consumer Internet (Internet (Japan)) Rating NEUTRAL Price (16 Jun 17, ) 1,372 Target price ( ) 1,300 Change to TP (%) -5 Market cap ( bn) 1,904 (US$ 17.2) Enterprise
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Americas/United States Equity Research PBMs & Pharmacies Rating OUTPERFORM Price (16-Mar-17, US$) 5.04 Target price (US$) 6.50 52-week price range (US$) 8.70-4.65 Market cap (US$ m) 5,303.93 Target price
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Americas/United States Equity Research Entertainment Rating NEUTRAL Price (13-Mar-17, US$) 33.25 Target price (US$) (from 34.00) 33.00 52-week price range (US$) 34.80-27.63 Market cap (US$ m) 2,204.91
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GCL-Poly Energy Holdings Limited ------------------------------------- Maintain OUTPERFORM FY14 result in line; cost leadership intact; maintain OUTPERFORM rating and TP EPS: TP: Baiding Rong / Research
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Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
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Asia Pacific/Australia Equity Research Non Ferrous Metals Rating OUTPERFORM Price (27-Jan,A$) 3.33 Target Price (A$) 7.80 Target price ESG risk (%) NA Market cap (A$mn) 878.3 Yr avg. mthly trading (A$mn)
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Indonesia Construction Sector ------------------------------------------- Maintain OVERWEIGHT Thoughts on the imminent High-Speed Rail catalysts Ari Jahja / Research Analyst / 62 21 6227976 / ariyanto.jahja@credit-suisse.com
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Americas/United States Equity Research Brokerage Rating OUTPERFORM Price (09-Feb-17, US$) 241.55 Target price (US$) 260.00 52-week price range (US$) 245.76-139.51 Market cap (US$ m) 96,052.17 Target price
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Bloomage BioTechnology Corporation Limited ------------------- Maintain OUTPERFORM End product benefits from value chain integration EPS: TP: Iris Wang / Research Analyst / 852 2101 7646 / iris.wang@credit-suisse.com
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2005 2006 2007 2008 2009 2010 2011 02 January 2013 China Merchant Holdings ---------------------------------------------------------Maintain NEUTRAL A new acquisition in Djibouti, the entrance of the Red
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Americas/United States Equity Research Oil & Gas Exploration & Production Rating NEUTRAL [V] Price (07-Mar-17, US$) 14.21 Target price (US$) (from 14.00) 16.00 52-week price range (US$) 16.55-6.02 Market
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Americas/United States Equity Research Biotechnology Rating OUTPERFORM [V] Price (10-Mar-17, US$) 149.24 Target price (US$) (from 136.00) 174.00 52-week price range (US$) 149.24-63.05 Market cap (US$ m)
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Americas/United States Equity Research Consumer Internet Rating OUTPERFORM* Price (15 Jan 16, US$) 570.18 Target price (US$) 800.00¹ 52-week price range 693.97-289.44 Market cap. (US$ m) 267,278.72 *Stock
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Americas/United States Equity Research Asset Managers Rating OUTPERFORM Price (02-Mar-17, US$) 391.65 Target price (US$) 464.00 52-week price range (US$) 398.45-319.54 Market cap (US$ m) 63,545.59 Target
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Americas/Mexico Equity Research Regional Banks Rating OUTPERFORM Price (23-Feb-17, MXN) 28.30 Target price (MXN) 37.00 52-week price range (MXN) 38.16-27.82 Market cap (MXN m) 46,022.16 Enterprise value
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Americas/Canada Equity Research Oil & Gas Exploration & Production Rating NEUTRAL* Price (09 Dec 13, C$) 9.18 Target price (C$) 9.50¹ 52-week price range 9.84-6.01 Market cap. (C$ m) 679.59 Enterprise
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Americas/United States Equity Research Consumer Internet Rating OUTPERFORM Price (13-Apr-17, US$) 884.67 Target price (US$) (from 900.00) 1050.00 52-week price range (US$) 909.28-602.00 Market cap (US$
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Colgate-Palmolive India ---------------------------------------------------- Downgrade to NEUTRAL Patanjali's ramp up in toothpaste to cap volume growth, downgrade to NEUTRAL Arnab Mitra / Research Analyst
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